Great Price, Great Cap Rate. Today we’re headed west of Pigtown to Allendale neighborhood on Gwynn Falls Park. This cute little three story row home sits on a tree lined street, surrounded by green space, but just two miles from I-95 for easy highway access. It’s also walking distance from five schools, including Greene Street Academy & The SEED School of Maryland, which makes it a wonderful option for tenants seeking a place for their student to flourish. This property will get a full rehab including granite counters, ceramic tile kitchen & bath floors, stainless steel appliances and energy efficient LED lighting throughout. As always the budget is included in the sales price to bring it back to new again.

Looking forward to answering your questions!
-Cris
919-675-CRIS

121 N Monastery Ave, Baltimore, MD 21229
3br/2ba
Cap Rate: 13.82% + 30k Equity
Income Analysis
Listing Price: $82,500
Total monthly projected rental income: $1500/mo
Estimate Annual Taxes: $1902
Estimated Annual Insurance: $840
Estimated Annual Maintenance Costs: $1,500
** This estimate is based on any potential repairs the property may need over the course of a year. In our experience, this number is typically lower, but we always estimate on the high side.
Annual Property Management: $1,800
**The fee is 10% of the monthly rent.
Annual Net Rental Income: $18,000
Annual Cumulative Hard Costs: $6,042
Adjusted Gross Annual Income: $11,958
5 Year Return: $59,790
10 Year Return: $119,580

Comps:
115 N Monastery Ave sold for $116,200
147 N Monastery Ave sold for $94,333
12 N Kossuth St sold for $115,517
317 N Monastery Ave sold for $94,000
306 N Monastery Ave sold for $95,000
146 N Edgewood St sold for $107,740

Allendale is a family-oriented community with well-maintained and attractive houses, tree-lined streets, and beautiful landscaping. The Allendale Community Association was started in the 1950’s when people met in each other’s homes. The organization grew, and after the Mary E. Rodman Recreation Center was built in 1974, the Allendale Community Association began meeting there to accommodate larger groups. This neighborhood stretches across the New Cathedral Cemetery. To the west of the cemetery is Edmondson Westside High School. To the east of the cemetery are quite a number of residential streets of attached row homes.

Allendale is also home to Green Street Academy, formerly Gwynn Falls Highschool. When Gwynns Falls High School was built on North Hilton Street in Southwest Baltimore in 1925, it was state of the art. It cost $1.35 million. “It was the most expensive school in Baltimore,” Jon Constable of Seawall Development said, pointing out architectural details from tongue-and-groove pine flooring to terrazzo hallways. “It’s a fortress.” Seeing it come back as a vibrant part of our neighborhood is a dream come true for community members who had hoped for such since it ceased holding classes in the 1980’s.

Pre-hab means we have not started work on the property yet. However the prices you see are our “turn-key price” that includes full rehab (granite counters, stainless appliances, hardwood floors) and we turn these around in 45 – 60 days. We also guarantee tenant placement within 30 days of completion or we cover the 1st month’s rent, should you utilize our Tenant Placement and Property Management services.

If you have your own pre-hab you’d like a construction quote on, we’d be glad to provide that for you as well.

The net income an asset produces in a given year divided by its purchase price. The capitalization rate is used to help determine the rate of return, or how fast an asset pays for itself and begins to make a profit. For example, if an asset cost $1,000,000 and it produces $100,000 in a given year, the capitalization rate is 10% and it will take 10 years to pay for the asset with the money it produces. However, it is important to note that the capitalization rate may change from year to year. For example, the same asset could produce $100,000 in year one but $250,000 in year two. It is informally known as the cap rate.